Which of the Following Statements Is Correct

question 59

Multiple Choice

Which of the following statements is correct?

• A) Utility is the same as usefulness.
• B) Utility maximization depends on each household's earnings.
• C) Utility maximization depends on each household's subjective goals.
• D) Households' maximum utility is from acquiring material wealth.
• E) Households do not benefit from utility maximization.

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Definitions:

International Trade

The exchange of goods and services between countries, driven by comparative advantages.

Exports And Imports

The transactions in goods and services where exports refer to selling domestically produced goods or services abroad, and imports are those bought from foreign producers.

Diverse Quantity

A variety in the amount or number of items or elements in a set.

Implicit Marginal Tax

The incidental tax effect on an individual’s additional income due to loopholes, deductions, or exemptions in the tax system.